UK join Asian Infrastructure Investment Bank

Noam Stiekema

UK became the first country in the West, which will apply for membership in the Asian Infrastructure Investment Bank (AIIB), established under the auspices of China. The British finance minister George Osborne said that this is a unique opportunity for the United Kingdom and Asia, which will allow them to grow and develop together by […]

Asian Infrastructure Investment Bank

Asian Infrastructure Investment BankUK became the first country in the West, which will apply for membership in the Asian Infrastructure Investment Bank (AIIB), established under the auspices of China. The British finance minister George Osborne said that this is a unique opportunity for the United Kingdom and Asia, which will allow them to grow and develop together by investing in joint projects.

The official opening ceremony of AIIB took place in October 2014 the Organization was founded by China and 20 Asian countries – Bangladesh, Brunei, Cambodia, India, Kazakhstan, Kuwait, Laos, Malaysia, Mongolia, Myanmar, Nepal, Oman, Pakistan, Philippines, Qatar, Singapore, Sri Lanka, Thailand, Uzbekistan and Vietnam).

The main objective of AIIB to answer agitation in recent years dominance of Western financial institutions. Beijing announced plans to create a bank to fund infrastructure projects starting in 2013, by offering many countries to join it. The interest in the project initially showed both some European countries and Australia, Japan, Indonesia and South Korea. However, largely under pressure from the United States, none of these countries has not yet become a member of AIIB, although some of them plan to join the structure later.

In its initial stage AIIB intends to focus on creating “new Silk Road” or recover of trade routes between Asia and Europe. Among the projects that the Bank intends to finance falls and the construction of a direct rail link between China and Baghdad. The pace of London met expected disapproval from Washington. A spokesman for the National Security Council at the White House said the United States has concerns about whether enough AIIB will apply high standards of management, environmental and social safeguards.

“It is important to note that countries in the future become members of AIIB, will be responsible for the standards adopted in the Treaty and their implementation”, said the spokesman. “This is a sovereign decision of the UK. We hope and expect that the UK will use his voice and will push for the adoption of high standards”, he said.

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